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Disadvantages of Online Banking

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Disadvantages of Online Banking
For a novice online banking customer, using systems for the first time may present challenges that prevent transactions from being processed, which is why some consumers prefer face-to-face transactions with a teller.

Online banking doesn't help if a customer needs access to large amounts of cash. While he may be able to take a certain amount at the ATM (Automated Teller Machine)—most cards come with a limit—he will still have to visit a branch to get the rest.

Although online banking security is continually improving, such accounts are still vulnerable when it comes to hacking. Consumers are advised to use their own data plans, rather than public Wi-Fi networks when using online banking, to prevent unauthorized access.

Additionally, online banking is dependent on a reliable Internet connection. Connectivity issues from time to time may make it difficult to determine if banking transactions have been successfully processed.

investopedia.com

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